Melbourne fintech Airwallex is launching a new global payments product for business in a partnership with credit card giant Visa.
The fintech says the Airwallex Borderless Card for businesses will save companies time, cost and hassle on international transactions.
“The collaboration focuses on innovative multi-currency cross-border payment solutions for businesses, bringing together Airwallex’s market-leading international foreign exchange rates with the security, benefits and convenience of paying with Visa,” the startup unicorn said in a statement announcing its release.
Airwallex will issue the cards under its own Issuer Identification Number, the six-digits at the start of a credit card.
After launching initially in Australia, the card will be introduced offshore in regions such as world, the UK and Hong Kong later in 2020.
The fintech says it “will revolutionise the cross-border payments experience for businesses” making payments to multiple parties across different geographies, such as online marketplaces, online travel agents and businesses who work with gig economy workers.
Airwallex CEO and co-founder Jack Zhang said the partnership with Visa takes his company “to a new level”, offering an end-to-end financial services solution for business.
The card rolls out in two phases. Australian Airwallex customers can instantly generate and issue multi-currency virtual payment cards to pay suppliers from today.
“With the ability to make payments to merchants globally where Visa is accepted, the new card will provide greater efficiencies and improved financial oversight for business operators,” the company said.
Both single use or multi-use cards are available with individual transaction limits across currency and merchant types.
In the second phase, due at the end of Q1 2020, the card will offer multi-currency corporate cards for business owners and employees. Airwallex customers can generate individual corporate cards instantly, initially in physical form, with a virtual roll out later in Q2 2020 in digital wallets.
Visa Asia Pacific regional president Chris Clark said they “were excited to partner with Airwallex to help businesses make seamless, secure and convenient international payments, all linked to a Visa account”.